The lower topline was partially offset by the sales of the group’s completed commercial condominium project in the United States – Vietnam Town Phase II, which recorded a $5.8 million revenue.
Revenue for the FY19 came in 83.5% lower at $75.9 million.
Correspondingly, the group’s gross profit margin recorded a 16.6 percentage point rise to 45% in 4Q19 compared to a year ago, due to higher profit margin recognised from the US property development.
The board has proposed a final, one-tier tax exempt dividend of 0.15 cent per share.
Despite the soft property market, SingHaiyi says it attracted positive interest for its twin freehold properties – 250-unit The Gazania and 80-unit The Lilium, which were officially launched on May 1.
A total of 24 units were sold, representing a total of 15% of the 165 units released in Phase one. The properties are located in close proximity to Bartley MRT station.
Shares in SingHaiyi closed 0.1 cent higher at 9.4 cents on Wednesday.
